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Danske Bank offers currency linked bonds 

September 25, 2003

Stock Exchange Announcement No. 23/2003

In the period from 29 September to 10 October, Danske Bank will offer currency linked bonds.

The bonds will be denominated in Norwegian kroner and issued at par by Danske Bank A/S on 14 October. On 1 April 2005, the bonds will, as a minimum, be redeemed at par.

The redemption value may be increased by two premiums, depending on the movements in the exchange rates of the two underlying currency baskets.

The first premium is calculated as 100% of the percentage increase of a currency basket measured against the euro. The currency basket contains the following weightings: Hungarian forint 20%, Polish zloty 20%, Norwegian krone 20% and Swedish krona 40%. If the weighted average of this currency basket depreciates against the euro, the first premium will be zero.

The second premium is calculated as 100% of the percentage decrease of a currency basket against the euro. The currency basket contains the following weightings: Czech koruna 40%, Japanese yen 20% and Swiss franc 40%.

If the weighted average of this currency basket appreciates against the euro, the second premium will be zero.

The bonds will be listed on the Copenhagen Stock Exchange as from 14 October 2003 and will be registered at the VPS (Norwegian Securities Centre).

A prospectus with additional information on the bond issue is available on request from Danske Bank as from 29 September 2003.